The wheeler Lake Gold Domain is rather considered to be situated within the western Slave Province, and is a remnant of the Archean Yellowknife Supergroup metasediments, which are enclosed in the western Plutonic Complex. This geological basin remnant is rather considered as a sedimentary formation, such as the Contwoyto Formation, Its rather considered to be dominated by thin bedded fine grained sedimentary sequences containing iron formations, and is also contrasted with sedimentary formations such as the Itchen formation. Much of the Wheeler Lake Gold Prospect is also situated in the center of the area, and is rather north-northwest of Yellowknife by a distance of 100 km. For the most part its also situated 22 km east of the much larger Russell-Slemon Basin, that's also another economic gold, and sulphide mining zone in the general area.

For the most part, the Wheeler Lake area is rather considered to have only been mapped once compared to the Russell Slemon Basin. Other statements had stated that claims were never located in the Wheeler Lake Area, and no physical evidence of prospecting was notice during Ridden Lake Gold Mines 1989 field work This was rather the evidence that showed that the Wheeler Lake Area was neglected during the staking rush. Explorations conducted by Ridden Lake Gold Mines had taken place in 1988, which also confirmed the presence of a sulphidic iron formation that was within the turbidites. This resulted in claim staking that was now being undertaken by the Ridden Lake Gold Mines, Ltd. in 1988, and was officially evaluated by 1989. Much of this evaluation procedure had given the company a better understanding of the much surrounding geology.

Much of the geology of the Wheeler Lake Domain is rather known as a northwesterly trending 15km by 6km inlier of Archean metamorphosed sediments. Prior to mapping in 1949, it was also stated by Mr. Yardly who classified the Wheeler Lake Sediments as the Yellowknife Group, which was associated with the presents of iron rich rocks. These iron rich rocks were rather determined as rusty to weathering knotted quartz-mica schist, and hornfels. It soon became evident that this geological area was the northern extension of the Proterozoic West Bay Fault, For the most part this was classified as a fault that had separated the inlier into two adjoining segments. The first of these segments was determined as a larger west-northwesterly trending arcuate belt between Germain, and Wheeler Lakes that contains beds of Iron formation. In addition to this, there is also a smaller south-southwesterly trending arcuate belt at the southwest end of Wheeler Lake, which lacks in iron formation.

Explorations that became conducted by Ribben Lake Mines, Ltd. did not necessarily modify the overall shape of the Wheeler Lake Domain. However, it was reported that a number of important details became highlighted in regards to the character, and structure of the sedimentary formation containing a gold bearing amphibolitic Iron Formation. For the most part the Wheeler Lake Domain is also known to be interbedded with fine and medium grained turbiditic sediments. The ratio from fine to medium sediments is known to be 60:40, which is similar to the iron formations bearing sedimentary sequences else where in the Slave provinces. Much of the iron rich beds are rather situated along the central axis of the much larger belt at Wheeler Lake.

Further examinations revealed that the Stratigraphy is known to be made of sediments that consist of arenite, argillite, and iron formations that are interbedded on a scale of centimeters to meters. More so the Argillites are considered to be rich in biotite, and contain variable amounts of Cordierite, andalusite, quartz, and feldspar. Much of the Arenites are rather known to be rich in quartz, and feldspar, and are poor in biotite. Other geological minerals that have been observed closely within the region are known to included Staurolite, and Sillimanite. Most of the sillicate sulphide facies within the iron formation are known to generally contain the finer grained sedimentary sequence. The contacts between the iron formation and the enclosing sediments are known to range from distinct, and indistinct. Some portions of this geological area is also known to be made up of weakly garnetiferous sediments, which are graded along, and across the strike into a silicate facies iron formation.

Iron formation units within the Colomac Gold Property are know to consist of amphibole (hornblende, and grunerite), Garnet, and biotite with various amounts of sulphides. These sulphide minerals are known to included pyrite, pyrrhotite, and arsenopyrite, that's also mixed in with quartz. Other minerals that are associated with the Iron formation are known to included hematite, and magnetite. Much of the units are considered to also be layered from a scale of centimeters to decimeters, and are in a sharp contact with one or another. The layers are also known to vary in composition from essential monomineralic to various combinations of iron silicates. Much of the geological area is also known to comprise of two iron formations known as Silicate and sulphide facies.

These Iron Formation units are considered to also aggregate from several centimeters to 40 m in thickness. Further examinations of the area also had revealed that much of the silicate facies iron formation was greater then the Sulphide Facies Iron Formation. The two types of iron formations had graded into one another, which the sulphide facies had formed pods at fold noses, and narrow layers with average widths of several centimeters to 2 m. For the most par the Sulphide facies were also considered to have been enveloped by silicate facies. In addition to this, it was also strongly stated that the gold bearing iron formation was similar to the geology of the Con Gold Mine.